Picture this: You walk into a fuel station, grumbling about rising fuel prices, only to find out that you overpaid on your last visit because prices have been reduced. Annoying, right? Well, it seems like the folks at Dangote Petroleum Refinery are determined to address this exact scenario.
Dangote Petroleum Refinery recently unveiled a plan that might make fuel users across Nigeria breathe a sigh of relief. Starting immediately, they intend to reimburse customers who, through no fault of their own, paid above the advertised rates for petrol purchased from their primary partners, which include Ardova Plc, Heyden, and MRS.
Let’s backtrack a little. There was a noticeable hum of activity last week when the refinery made a surprising move—it slashed the ex-depot petrol price from N890 to N825 per litre. Mind you, this was no isolated decision; it followed a prior cut of N60 per litre at the beginning of the month. You may wonder, what does N65 per litre mean to the average Nigerian driver or commuter? Could that reduction be just the golden nugget consumers have been waiting for?
To ensure no one feels shortchanged, the refinery made it clear that it would reimburse N65 per litre on over 200,000 metric tonnes of petrol procured by marketers at the previous N890 rate before the adjustment. That’s a substantial volume, don’t you think? It’s hard not to appreciate the proactive commitment this demonstrates.
What this means:
Imagine a typical filling station scenario. Some had already stocked their petrol reserves at the N890 per litre mark, and per the usual protocol, they would sell off this supply at old rates before adopting the new N825 per litre price. Yet, here’s where Dangote’s approach takes a refreshing turn.
Dangote outlines a different plan: Why should consumers wait for old stocks to exhaust? They are urging marketers to pivot immediately to the new pricing. The catch? Marketers should sell their existing inventory as though procured at N825 per litre. To negate any loss incurred, Dangote promises to make up the N65 per litre difference.
“This move effective February 27, 2025, ensures our valued business partners won’t face losses from the price modification. More crucially, it guarantees that the revised rate is promptly applicable nationally for Nigeria’s populace,” a statement from the refinery confirmed.
Encouragingly, this initiative extends beyond its core partners. Dangote is prompting all marketers procuring fuel from its facility to adjust their retail prices accordingly. This is more than a gesture; it’s a commitment to making quality fuel affordable for all Nigerians. Isn’t it time more companies followed suit?
As a refresher, let’s reiterate the approved rates for further clarity:
- MRS: N860 in Lagos, N870 in the South-West, N880 in the North, and N890 in the South-South and South-East.
- Heyden and Ardova Plc (AP): N865 in Lagos, N875 in the South-West, N885 in the North, and N895 in the South-South and South-East.
Now, here comes a word of caution from Dangote. The company intends to absorb a loss of N16 billion to cushion the impact on marketers, ensuring that Nigerians benefit from lower fuel costs. Yet, despite their altruistic approach, they remain vigilant against any attempts to game the new pricing structure.
“It would be both unpatriotic and harmful if anyone decides to purchase at N825 and then charge N945 or more per litre. Such excessive profiteering only places undue stress on Nigerians for self-serving interests,” they emphasized.
At its core, this initiative underscores Dangote Refinery’s deep-seated commitment to directly transferring the benefits of reduced prices to everyday Nigerians. It aligns perfectly with President Bola Tinubu’s Renewed Hope Agenda aimed at accelerating economic advancement. It seems we’re witnessing a refreshing alignment of corporate responsibility with national interest. How often do we get to see that?
